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FOX Business After the Bell

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Cyprus 43, Us 10, Samsung 9, S&p 7, Russia 6, Europe 6, Apple 6, Morningstar 4, Nicole 4, Spain 4, Italy 4, Chicago 4, U.s. 4, Scott Bauer 3, New York 3, Liz Macdonald 3, Adam 2, Centurylink 2, Erin Davis 2, Scott 2,
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  FOX Business    FOX Business After the Bell    News/Business. Stock  
   market updates. New.  

    March 18, 2013
    4:00 - 5:00pm EDT  

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one piece of news out of a small island. most of you have probably never been to it, cyprus. all of sudden the volatility index is spiking up. makes you wonder if the markets and market participants were looking for a little something to sell off on today. that is exactly what they're doing right now. you have the dow down 63 points. 14,450. we were down 109. david asman and sandra smith take you through the bell david: we thought we would pull into positive territory. we were down triple digits earlier in the morning. we came back almost dead-even and toward the end of the trading day began to slide south. sandra: even a lot of bulls were calling for a pause in the market. david: sure. whether it was cyprus or something else we'll find out. first let's go to nicole pettalides at the new york stock exchange. the nice coming out of
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cyprus hit the banks immediately, nicole. i guess some of them recovered but some others stayed in the red, deep in the red. >> right. we had a mixed market throughout the whole day. the tone from cyprus and concern about deposits being taxed obviously set off worries on wall street abroad and here at home obviously. sandra: opposite end of the spectrum, jcpenney, the retailers, jcpenney a huge rally today, nicole? >> a couple of reasons. isi group talking about the fact that they might turn into a reit-like entity. oppenheimer talking postively about jcpenney. david: apple, apple, even though the market came down i think apple stayed up about 12 bucks. why are they doing so well on the eve the samsung announcement? >> that is pretty amazing. once the news was out about samsung it took away some uncertainty. apple bucked the trend. sandra: best buy seeing a nice top. that was an up stock on a down day. >> best buy, the last
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quarter was a great one. they got positive analyst comments as well. jpmorgan initiated coverage with overweight rating. [closing bell rings] david: the bells are ringing. we're not at absolutely postively lowest point of the markets but very close to it as we see a down market. dow jones industrials down 61 points on the beginning of this trading week. looks like it is settling up from the down point. at one point we saw triple digit red signals from the dow, improving from that. no hope to get into the green. still off the day's lows. the s&p down about 8.5, a little more percentage wise than the dow jones. the nasdaq the least worrisome of all thee four indices. the russell 2000 down over half a percentage point. sandra: worries over cyprus's proposed plan to tax bank deposits, investors pushed back into safe assets, pushing the 10-year yield down the most in three
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weeks. the 10-year yield falling 4 basis points to 1.94 or 1.95%. david: talking about moves to safety, gold rallying 12 bucks today to end the session at $1604 an ounce. this is the highest settle since february. people moving into those safe assets. sandra: back above 1600. european banks getting hit. barclays national bank of greece, rbs, credit agricole and pnb paribas were the hardest hit, three to 4% each. david: central bank of cyprus shocking europe, to confiscate, call it what it is, chunks of individual bank accounts to secure a rescue package from the e.u.. the news hit markets overseas very hard but at home the markets did take the news in stride. we'll look why that storm coming from europe could get even worse and what effect it could eventually have on stocks over here. of course particularly the banking stocks. sandra: plus apple trying to get you to keep buying their
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products, not the competition's, pushing a new ad campaign for the iphone after the debut of samsung's latest smartphone get all the buzz. the one with a bigger screen, expandable memory and high every resolution cameras, what is apple doing it fight off the competition? is it too late? david: we have a lot more to cover here in this hour. you don't want to move at all. first we'll tell you what drove the markets with today's data download. a sea of red as concerns over europe's debt crisis dragging all three sectors lower. nine out of ten s&p sectors fell as financial posted the biggest decline.% telecom was the only sector to close higher. the euro tumbling to its lowest level in more than three months versus the u.s. dollar as the bailout plan for cyprus spurred contagion worries in the eurozone. the euro hit intraday low at $1.28 or 29 if you round it
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out against the greenback. u.s. homebuilder confidence falling for the second straight month to the lowest level since october. the national association of homebuilders index released today dropped two points to 44. sandra? sandra: we've got scott bauer in the pits of the cme and our market panel, george young, belleair balanced fund comanager and john golder man. scott over at the cme, was this a cyprus selloff or is there something more to it? >> no. it definitely is a cyprus something. i wouldn't really call it a selloff. in fact over, if this happened last week during the week or even during this week instead of over the weekend we may not have seen the s&ps down 13, 14, 15 like they were overnight. and what this really is a point is that anybody that gets this pullback, people waiting for any sort of pullback, immediately are coming back into the market. that's why we saw this
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market come back today. i know we had a chance, david, like you said to actually look like we maybe were going to close up on the day and we closed down but we're only half of where we were early in the day today. so there is two things going on here. last week when i was on thursday, we talked about the vix, but we talked about volatility of the vix. we were talking how, boy, just stay in the market, get the market but buy your protection. if anybody had done that people bought that, up 20, 30% today you could have made money overall between the portfolio and the protection you had in the vix. what this goes to show you cyprus where most of the guys behind me don't even know where cyprus is and many people don't know where it is, something like that, something as small as that can cause a major impact in the marketplace. david: let me push back a little bit because. >> yeah. david: as you mentioned of course we didn't end in the green. we ended 60 points off on the dow. that is a significant down drop. what was it about that move
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in the middle of the trading day, looks like we might be going green and we pulled back again, what gave people jitters at the end of the day? >> i think it was almost buy the rumor and sell the news type of thing. everybody panicked last night. we opened the market today. everything got complacent. people started thinking again as off, cyprus is ten, 12 hours ahead of us. tomorrow morning at 10:00 or 11:00 a.m. central time here when that decision will actually be coming out of the so i think as the day progressed today, people said you know what? those of us that have not gotten out or not protected ourselves yet might as well do that now. better late than never. it is not too late. so we made this attempt. we saw banks rally a little bit. then this attempt just failed. again we're only down 60 points. the s&ps are only down eight points today. night like we had a major sell-off. i think now the casual investor and some of the money managers out there are really taking stock of the
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fact, no pun intend, you want to protect yourself. get some protection in the marketplace. even with the vix up 20% today, it is still pretty cheap. sandra: scott, we'll see you in a few minutes when the s&p 500 futures close. >> okay. sandra: dave, we're looking at news electronic arts announced its ceo is stepping down. also lowering by the way its current quarter guidance. stock not really getting a hit. david: just going opposite direction. kind of like when there were resume, mo the head of jcpenney hay may be leaving that led to the stock going higher. we'll see how it ends up. looks like the stock is bidding higher after-hours. let's bring in the market panel to talk about cyprus and electronic arts and everything else. john, first to you, are you surprised at the fact that the market didn't take a bigger hit on the news, on the cyprus news than it did, even though it did end up significantly down, high double digits down? >> well, david, the markets
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basically has gone straight up since the election. it is up about 15, 16% since early november. so it is not surprising to me that the market sold off a little bit here. i think maybe participants are looking for any excuse to take some chips off the table and cyprus provided them that excuse. sandra: george, let's get you in here. you have much differing opinion you are very bullish on markets, you see as the cyprus news as that is today, we'll get over that? >> that's exactly right. crisis de jure. think of all the problems we have last year or two. this is one-off event. i may feel sorry for the people in cyprus and people in your there is difficulty but it is the crisis de jure. everybody knows that there will be volatility. david: curious, george, right in front of you, pan down in the camera, you have red square. pan down with the camera shot. >> sure. see if they can get it for us. david: why is it there, george? >> it is there because it is, st. bass sill's cathedral
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because of stock we like, 3-d systems. 3-d systems is 3-d systems they do it in exact color and exact specifications, do it within an hour and do it at cost of $200. think of hearing aids. think of prosthetic limbs. think of an architect designing a house. they come up with something this nice and attractive, a neat product. sandra: this might not be a name we're all too familiar with, this is one of george's picks. you have names we're very familiar with. big consumer names like mcdonald's, nestle, even unitedhealthcare you like. >> that's right. all three. those are more core positions rather than trading boss. those are long-term investments we like for a number of reasons. i can take you through those. unitedhealthcare, large experience managing large populations managing costs well, through risk sharing. through incentives for doctors and patients. and it is, a nice i-t infrastructure to help on
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the cost management side. well-positioned to manage through obamacare. stands to benefit from, from the additional 30 million lives coming into the system. and it's traded flat through the rally of the last year and we feel that it's underappreciated relative to its potential and profit growth. sandra: we'll need more health care after we eat mcdonald's all day long one of your other picks. why do you like mcdonald's. >> mcdonald's is great adapting its offering to different cultures and different areas. it adapts its menu well. it adapts to shifting consumer taste and preferences. and, it is, it's really good at changing its offering. david: okay. >> threw coffee, through, healthier offerings, and through wi-fi in the restaurants. david: george, let me bring generalized view what is happening with my portfolio here. i'm looking to whether i get more, maybe time to get
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totally out of fixed income, all going in stock direction, although you look what happens today and you might be a little shaky there. the question of planning for your portfolio, and whether inflation and interest rates go up a little. maybe they will not be spiking but they are going up a little. do we change the portfolio at all as a result of what will happen there? >> two thoughts on fixed income. fixed income is really necessary evil. doesn't buy it if you doesn't have to. one of the main problems, think of this quote, we think great. a lot of people use this one. investing in fixed income right now is like pick up a dime in front of steamroller. great image. interest rates go up. means bonds go down in value. david: should i adjust? there is inflation coming some sort, isn't there? how do i adjust my portfolio because of that? >> how about common stocks? pay 2% yield better than 10-year treasurys. more tax efficient and to do that and dividend will go up over time if we have
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inflation which we think is highly, highly likely. sandra: you have a target of 1700 on the s&p 500 right now. >> i do krebs. call me optimism. i think things will be great. if you invest in the stock market you have to understand there will be volatility. that comes with the territory. great old quote, no safe haven for capital or capitalists. that is true today, no safe haven for the deposits in cypress if you unluckily to live there. >> that's true. david: john and george, good to see you both. >> thank you. david: cyprus is looking to confiscate as much as 10% of the deposits and closing banks as the idea gets discussed. the shocking news pounding the euro and european markets over the weekend. our markets stood a little stronger. could u.s. stocks, as george and i were discussing could be a safer bet than money you have in the bank? we'll have a top banking analyst tell us what banks could be exposed to a run and what banks are safer. she is naming names. sandra: plus also naming names, the people that will
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on the wings of lunesta. sandra: s&p 500 futures closing in the pits in chicago. scott bauer is there. scott, how are you wrapping up the day? >> you know what? traders covered any shorts that they had, looking for possibly even a little rally going into the session tomorrow. was oil market. this is down two bucks earlier today. this closed up and watch that tomorrow. sandra: we sure will, scott bauer, thank you very much. david: irrepressable stock market. shares of aeropostale rising from the floor of the nyse. find out why, nicole. >> that's right. we're looking at aeropostale, because aeropostale
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according to private equity firms and "the wall street journal" saying it looks attractive to some of these private equity firms. that's why we're seeing it jumping today. what is interesting that the retailer generates plenty of cash flow. that certainly sounds like good news. relatively debt-free. take a look where it closed today. up 3.25%. oh, we made it big for you. right there in action. with the current management seen as underperforming a bit, takeover offers, $20 a share. 45%, premium, could come down the pike? that is enough chatter to make this stock have a nice pop. so year-to-date it is a winner over the last 52 weeks still in negative territory. sandra: thank you so much, nicole. country of cyprus may be small but it had a big impact today. the european country proposed unprecedented plan would tax all bank depositers to help them receive a $13 billion bailout. david: cypriot leaders postponed a vote on proposed
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confiscations as they raced to prevent a many looking collapse of the island's banking sector. liz macdonald is here with breaking news. >> we have breaking news. cyprus is in talks with russia. russia may buy or companies in russia may buy two of cyprus's leading banks. david: that is one way to stop a bank run. >> cyprus popular bank and bank of cyprus may be in talks with companies in russia. russia is heaviry exposed to the crisis in cyprus. moody's out with a note that russia loses $2 billion with the bank tax. it is a tax for equity swap. they would get shares in the bank. i'm not sure they want that. what is also in flux the rate, tax rates on the deposits. what is not changing the dollar amount that these guys want in bailouts, for the bailout. they want $7 billion out of this tax to fund more than half of the bailout for cyprus. so here's the way it is playing down right as of
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this hour. 3% tax on deposits less than $130,000 threshold. what is in that though, the first 20,000 in euros will maybe exempt. so they want to, whatever this looks like, the tax is going to look like ex. the bottom line they will get to the $7 billion somehow. so you're seeing in the nearly 13% tax on the 650-k crowd. what they don't want here is another lost five years. they have been at this for five years with cypress and neighboring greece. i'll tell you, jpmorgan chase, goldman sachs, morgan stanley, citigroup already weighing in on this they say they like the bank tax. it is a best of a really bad situation because there is no bond, you know, holders over there. so they're saying the depositers will have to take a cut. junior unsecured will get really burned. when you look at bank balance sheets they have a pretty illiquid bond market in cyprus. that is all they can do is
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tax the depositers to get the bailout going. if they don't do the bailout, cyprus will default and the banks will collapse anyway. david: interesting to see when they open the banks, if there is run on the bank. even when you have the russians buying these things and you could have a run. >> no deposits to tax. italy tried this in '92 to a limited effect. they tried to tax deposits but there was a run. sandra: thanks, liz macdonald for the story. david: coming up next on cyprus. erin david is "morningstar"'s expert on international banks on the government's attempt to break into individual bank accounts. coming next she tell us the banks to stay away from who are exposed in this whole thing and whether or not it could ever happen here. sandra: and later this hour, we turn our eyes to fashion and the publicly-traded retail tears that mike -- retailers that might make a good fit for your portfolio. ♪
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david: europe was hit by a financial earthquake with the news cyprus was set to confiscate 10% of all bank profit deposits for a bailout. taking income already earned and taxed seems to cross a line only hinted at by wealth taxes in the past. could we see the connifications of property growing in europe and
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exported to the states? we have erin davis, analyst from "morningstar". erin, good to sigh it. you do we know whose idea was? did the sip proi don't thinks came up with this or the -- cypriots or the european union came up with this. >> e.u. is blaming it on the cyprus government. they gave them half the bailout money and said you would have to come up with the other half. this looked like the easiest way to get it. david: we had breaking news from liz macdonald reporting that the banks apparently were okay with this. that the banks would rather have the depositers be stuck with paying this off than have it, expose them in any way? >> yeah, well, i think in many ways, it set as dangerous precedent but at the same time, it's, it's money just sitting there. it's, easy to just take a piece of it. it is much harder than to try to get money out of landowners or something like that. and banks were -- but it's
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the same. it's the same. erin, that is what we have to keep in mind. it is the same as property, whether it is cash in the bank because, there was something, that maybe it's a quaint old expression but called deposit insurance. remember that? you were supposed to be insured against any kind of confiscation of the money that you have already earned and that you have already paid taxes on. whatever happened to the idea of deposit insurance? >> well, i think that's exactly right. i think that's why this sets such a dangerous precedent. the bondholders are not taking a haircut. really upending the capital structure the way we understand it even though they're calling it a tax instead of a haircut. david: offending capitalism. erin, hold on one second. we have breaking news from adam on cyprus. go ahead, adam. >> they're revising this plan to tax deposits. apparently the euro group after teleconference with eurozone finance ministers seems to be giving the cypriot government approval for this. what they're saying, liz macdonald has reported, they are now agreeing that
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depositers with less than 100,000 euros or $129,600 in the bank should be protected from the levy. this doesn't say whether this is actually no tax on smaller deposits or whether it's the 3% elizabeth was talking about. but according to a greek finance ministry source who spoke on the condition of anonymity they're saying they agree that the depositers with 100,000 euros or less should be protected and cyprus still has to raise 5.8 billion euros from some form of levy as planned. cypriot parliament voting on this rescue package tuesday, david. david: thank you, adam. the question we'll go back to erin from "morningstar". the question whether it could happen here. there are a lot of officials here that have been monitoring this situation, in fact the treasury department issued a statement, let me read part of that. the treasury department is monitoring the situation in cyprus closely and secretary lew, jack lew, who is the
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new treasury secretary is speaking with his european counterparts. it is important that cyprus and its euro area partners work to resolve the situation in a way that is responsible and fair and insures financial stability. now again, is it fair, erin, to have the government come in, rather than solve its own problems, to have the government come in and to take my personal property, property i have already paid taxes on? >> well, they were going to have to take money from somebody. if they did take it from the bondholders, the government would end up bailing out the banks eventually anyway. so they're trying to get to the end of the game quicker. david: which banks -- >> of course it is never fair. david: which banks are safest and which banks are more at risk as a result of what's going on there, erin? >> well most of the european global banks fortunately have very little exposure to this. socgen has a little bit of exposure to cyprus but it is not very material. i think the bigger risk is that the threat of deposit
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flight could spread to italy and spain and most global banks have a lot of exposure to those two countries and their economies are much bigger and more important. david: what about hsbc or barclays? both have a lot of branches in cyprus. >> well, barclays has a lot of exposure to spain which is something i would be worried about. david: okay. >> and hsbc has a global bank has exposure to just about everything. only sew societe generale has exposure to cyprus and national bank of greece. it is basically government-owned anyway now. david: what i don't understand, maybe you can explain it to me, erin, why is it, these are international banks. i can understand cypriot banks. that is different situation. some of those might be bought out by the russians anyway. if i have an international bank and an international account in an international bank in cyprus or spain, in international currencies, euros, why can't i move my operation to another country that is not at risk?
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>> will, i think is exactly what they're worried about. that is why there's a bank holiday cyprus. the banks are expected to reopen on thursday and they're watching closely for signs of deposit flight. if there is, i think officials are prepared to impose capital controls. david: capital controls on an international currency. i don't know how you do that, do you? >> well, they just won't let you, if they won't let you take your money out of cyprus. it would be pretty easy to do. david: if your money is in euros in international bank, why not take it out of another account? not like the cash is actually in cyprus. international banks have accounts all over the world that you can abscess from all over the world. >> yeah, but in general they're subsidiaryized. societe generale has subsidiary in cyprus. biggest banks in cyprus are local banks. david: boy, do you see this spreading, erin? we've got to go. do you see i had spreading
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beyond spain and italy and possibly even over here? >> i think that is not likely. it might even take a while to spread to spain and italy. that may only happen if we start it see worsening trends in credit walt. david: erin davis from "morningstar". good to have you on. thanks so much for explaining it. appreciate it. >> thank you. david: thank you very much. sandy, over to you. >> david, people might have a little less to spend this spring but that doesn't mean they won't be buying new clothes. you never sacrifice fashion. up next we've got a top analyst ready to share her fashion stock picks for your portfolio. samsung's newest phone putting a lot of pressure on apple. find out how the tech giant is responding to the competition. log on to facebook.co facebook.com/afterthebell, click on the "like" button. tell us what you think is the best smartphone on the market right now. ♪ .
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theengineered with aeel-drive unique drive system and dual transmission. all-wheel traction. all-wheel power. all done. only from husqvarna. challenge the impossible. ♪ liz: time for a quick speed read if some of the day's other headlines. five stories, one minute. president obama nominating thomas preston and the secretary of labor. currently in the civil rights division of the justice department. airbus and indonesia lie in
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their filing a $24 billion contract. the aircraft maker's biggest deal ever. the remains for 234 planes. the first deliveries scheduled for next year. panasonic reportedly exiting plasma tv production in health care businesses to become more cost-efficient. the building in tokyo for 60 billion yen. mastercard is defying a european debt crisis reporting an increase in credit and debit card usage. the value of transactions profit by mastercard climbed in europe last year. blackberry co says he expects 100,000 applications will be available when that blood perry makes his debut on friday. originally estimated 70,000 for the january blackberry event, and that is today's speed read. david: colder weather chilled consumers' appetite for spring merchandise. retailers struggle to lure shoppers back into the stores.
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sandra: we have someone who says spring fashion trends are gaining momentum, and she is predicting some of the season's biggest winners. joining us right now, gabriela, senior vice president. thank you so much for joining as >> thank you. sandra: what do we need to know? i'm looking at sixth avenue, snow is coming down. any concern that shoppers might be getting a little bit later this year further spring must have? >> yes. a lot of concern. aside from just higher gas prices and some other macro factors, whether is a big issue. specifically in the midwest and northeast. we have seen a slowdown in mall traffic. we are experiencing really what is a typical fox business which is the weather is turning across part of the country, the rest of the country is holding out. and then the retailers are providing light weight merchandise. so there is really know by now
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purchasing going on. last year it was unseasonably warm. in chicago it was 81 degrees last year on st. patrick's day. definitely not 81 degrees yesterday. so the consumers right now are just really holding out. at the end of the day they're going to wait for the meltdown. david: what about personal income? that was down almost 4 percent in february. people have less money in their pocket. how does that affect the retail sales? >> it is affecting it. it is all just share of wallet. when the consumer spending on other necessities, again, bringing a gas prices. you have to spend on gas. and that consumer definitely has less money. david: you don't have to spend on gas. you can let your feet do the walking through the internet. >> you could. david: are they also experiencing some problems? the internet sales as well? is it just the brick and mortar that you have to drive to? >> at think it is broken mortar. i think internet sales.
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i mean, they have traditionally been pretty strong. i would say less so than we are seeing really in burke and mortar. sandra: eventually spring will come and they go out and replenish their wardrobes or at least update them. you have a couple of names are looking at in the apparel sector in my opinion, very difficult sector to look at because there are some many s&ls. >> my favorites are gap and express. and the reason i like these to retailers is that there are really no discernible trends in the market right now. last year coming into spring we had colored denim. it was a must have item. >> colored skinny jeans. >> yes. is there, but about a year into it at this point. i think it is more often than not the consumer will be part of the consumer wardrobe. it's a really what we're seeing is these retailers that are taking a stand in basically guiding the consumer and sang
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these of the categories you need to have. when you walk into a store, their message is clear. is this flintridge jean, the boyfriend shirt, the essential seek. he said the items you have to have. when you walk into express, they have taken another step in their offering fashion silhouettes. is a fit and flare dress, and also the work shirt. so i like these to retailers because they have a point of view. when you walk into that store, these are the items that you must have for the season. david: well, i will tell you. i do have a young daughter, a teenage daughter. and the problem is is that there are -- their so fickle. fashion changes on a dime. that is why i'm wondering if you don't -- rather than going to the personal trust and the cutting edge, sunday pulling back. you pull back. you watch. they seem to be more stabilized, not as subject to the physical changes. am i right or wrong?
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>> well, i mean, these are also higher price points you are talking. david: exactly. >> is the average teenager really spending $340 a handbag? probably not. what is interesting to my accessories, and that is fantastic. it is not release subject to weather. back in my handbag if it is going inside, which is great which will update my wardrobe. will we receive from a perspective, and accessories, it is all about innovation, having new-product, the detail, embellishment. they do that well. also, there cultivating the jet set lifestyle, which is will really resonates with consumers. also, last year, just as something to point out, operating some pretty lean inventory levels. definitely more inventory in the channel now. such great momentum that you need the inventory to do the sales. we have seen some pretty strong traffic trends in those stores. david: which one of those to you
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like? sandra: not personally. the cd stores. they are just bumping. thank you. all right. well, pay for your parking by phone. wouldn't that be nice? well, it can make life easier for motorists and save municipalities' money. a win-win. up next we meet the see of that is bringing that technology to america. david: also, iphone and then, well, there is everything else. at least that is what apple is saying. what about the samsung iphone with the big screen, but a resolution camera. apple has a brand new marketing campaign that is meant to squash the competition. is taking aim at samsung. will it hit the target? we will explore that coming up. ♪
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♪ >> reporter: m. adam shapiro
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with your fox business brief. it was a very stay on wall street. sparked by a controversial plan to impose a levy on cyprus bank deposits as part of a financial bailout. this closing bell, the dow finished 62 points lower in the midday at 14,452. the nfl will pay $42 million to settle a lawsuit from a group of retired players for using their names without permission. as part of the settlement the nfl will also set up a licensing agency to make sure retired players are paid for the use of their identities and promotional materials. nearly one in three employees say they took of hardship alone from their retirement last year. that is up from one in four in 2011. according to financial finance women, lower income workers, and younger workers need that money despite be improving job market. that is the latest from the fox business network, giving you the power to prosper. ♪
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sandra: the world's first paid by mobile phone parking services come to the u.s., and it may just make parking your car a little bit easier, a little more convenient, and another side to the story, it could actually save cities some money which could be a good thing. david: parking meters. by the way, it's your car because i don't actually own one. joining us now, kneele edwards, of course, new york is a neat -- unique place. what other city in the country can you survive without a car? i just read one when needed. sandra: chicago. david: perhaps. even chicago. let me just sort of summarize what it is i think you do. i am leaving a meeting or i am leaving a party, whatever. i have my iphone or my samsung's. push a button. the car is waiting for me when i met a parking lot. >> it is really simple. consumers today, over one-half million apps available. if you think about the average phone has about 40.
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you could the average consumer. and consumers are lacking something that really changes their lives on a daily basis. what this allows you to do, ap by phone application that allows you to pay for your parking, whether as st. metered or a valley garage or at negated derived literally from your phone. we also have local coupons so that once you park your car you can say, well, i have a local offer. sandra: another angle that i did not realize, this to begin for retailers because you could get your parking ticket validated online rather then come up, my gosh, i just left the store and i forget to validate. >> and that is one of the benefits of what we do. we are a tool for economic development for cities. for example, phoenix and now we just lost a city's gate. a high-end retail center in the middle of downtown phoenix. many of the emergency committee not only park in with the gate and a free parking, but you actually get coupons to visit the local stores or you get your
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parking validated or, for couple of hours if you go to the local comedy club. david: you are working with cities on market me -- parking meters as well so that when the rate of the meter maid comes by she can zappy license plate. if it's already paid for a shows it. >> for example, pennsylvania, we are about to launch a new york, which really if you show up to the parking meter you don't have to put money in the meter. you don't have to put a credit card in the meter. you literally just press go on your phone. david: have you make money? >> a very small transaction fee per transaction. compared to traditional parking it's about $750 per meter per space. double-digit ministry. for us is the cost of the sign and naturally a small piece of the transaction. sandra: people are hearing you talk right now. adlai get involved in this, not just a consumer standpoint and from an investor's standpoint. you thinking about taking his public? >> absolutely. we will see it in every major city in every major parking
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garage in the next five years. today we are already -- rear-ended in israel, for spill-parking company, the first patent. forty-seven cities around the world with over a million users. a very large. you gotta tell the today more than 89 percent of the parking is paid for using thing go on your phone. david: who pays the credit-card charge? is a you or is it the parking arrest? >> it is a combination. david: so that is an incentive to then to join you guys. good stuff. thank you. >> thank you very much. david: appreciated. apple is launching a brand new ad campaign just days after samsung gets its newest fund. coming up next, a look of a sneak preview, if you will, about how apple is looking to set itself apart as the leader. it is actually falling behind and looking more like a follower. sandra: coming up on monday with melissa frances, senior vice president at charles schwab looking at the market impact.
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♪ david: well, apple just released a new ad campaign and its website days after the san son galaxy as for was unveiled here in new york city. sandra: coincidence, i think not? an effort to the airline consumers that the iphone is superior to all others. is this a sign that apple is getting a little bit scared of the competition? our own shibani joshi joins us with more. sounds like they're going and the defense. >> reporter: i think that they are. good reason. according to credit suisse, a 1 billion smart phones will be sold next year alone. apple is seeing its market share dwindled or at least in a neck-and-neck race. going on the defensive, something we have not seen the company doing long time. updated its website over the weekend. the iphone web page saying that there is the iphone and then there is everything else. giving a long laundry list of reasons why it this phone is much better than all the other
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funds out there. frankly, i'm not sure if this is the most effective way of doing things because the fact remains that samsung is for phone is just a gosh darn good phone. here is a side-by-side comparison and put together of some basic features. a bigger screen, high-resolution screen as well. allows you to expand its memory. as a different operating system, of course. better pixel and some features you won't find anywhere else including the smores role which is a tilt in escrow. atilt as crawl. it counts your steps. your calories throughout the day. the fact remains. sandra: competition is signed. >> reporter: in this going to get even fiercer. david: apple stock over the past couple of days has been up. part of that is because samsung tried to oversell. you mentioned the read nothing. first we thought it can read your eye movement. then, as you pointed out, it's not really that. it's just tilting the machine. >> i agree. vista freer seeing right now is
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not the sort of game changer, what the experts are saying is that samsung will draw smart phone users from other and red phones and not necessarily away from the smart phone. research in motion -- blackberry. that company going on the offensive, something that it does not have a big chance to do , going in and saying that the rate of innovation -- the csn this. the user interface and the iphone, with all due respect, for what this invention was all about, is now five years of. sandra: i love this. blackberry is a phone coming up this week. david: we have to leave it that. thank you very much. sandra: the economic situation in india is leading to a growing trend. mass weddings. three and a half minutes. ♪ (announcer) at scottrade, our clients trade and invest
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